What is land insurance in the United Kingdom and is it something you need? If you are a developer and either own land or plan to buy some, then you should know about land insurance. This article will explain what it is, the benefits it offers, who should get it and other useful information that will help you decide.
1. What Is Land Insurance- It is a form of coverage for property and it covers the landowner in the event someone is injured on their property and where the owner of the land is at fault. If the landowner goes to court over a lawsuit, then the insurance may help to cover any legal fees that are incurred. However, any damage that occurs to the land will not be covered. In short, if someone is injured on your land, then your insurance can cover it, but if your land suffers any damage, then land insurance will not cover you.
2. Benefits Of Land Insurance- There are many benefits of having land insurance, with the main one being that it offers you protection in the event someone is involved in an accident or if they are injured whilst they are on your land. If you don’t have insurance and someone slips and falls on your land, then you could be on the hook for their medical bills, loss of income and any other expenses that they incur. Many parts of the UK experiences extreme cold during the winter months and the terrain can become very slippery, which is why you should buy land insurance.
Land insurance can save you money in the long run and many policies have low deductibles. This means if you are sued because someone got hurt on your property, then you won’t have to worry about getting money for legal fees and you won’t have to pay a lot of money for the victim’s medical bills or anything else. The last thing you want is to go bankrupt because you didn’t have land insurance when someone got hurt on your property regardless of whether they had permission to be there or not.
The main benefit is that this type of insurance gives you peace of mind. You may never even have to make use of your land insurance, but all it takes is one incident for it to pay for itself. That is why you should buy it.
3. Who Should Get It- Anybody who owns land should get land insurance, and this includes those who own land that has property on it. Sometimes homeowner insurance doesn’t cover the actual land, and if this sounds like your homeowner’s insurance, then consider getting land insurance as well. If you own land with nothing on it, then you too should get this type of insurance. The bottom line is that anybody who owns land in the United Kingdom should have land insurance.
4. Price- The amount of money you will have to pay for land insurance depends on a variety of factors, such as the size of your property, whether there are any rights of way going through it, the amount of coverage that you need and the location you require coverage in. Not only that, but risk factors are taken into consideration and these factors include any water courses, mine workings and whether or not the public has access rights to the land or part of the land. Most insurance companies provide people with free quotes, which means you can get an idea of how much insurance will cost before you decide to purchase their policy.
If you want to get a good deal on insurance, then there are a few things you can do. First, request a quote from at least 3 or 4 insurers and then decide which one offers the best coverage at the best price. Also, some companies will lower their rates if you can show them you received a quoted price that is less than theirs. There are many companies that provide land insurance, so finding one that offers it at a good price is relatively straightforward.
5. How To Choose A Good Insurer- Choosing a good land insurance company is easy, but it does take time to compare a few. There are a few different ways to find good land insurance. If you currently have homeowner’s insurance, then you can ask them if they provide land insurance and for how much extra. As previously mentioned, many insurance companies have land insurance available, so your insurance company may not be the best one to go through.
Another way to find good insurance is to make a list of insurance companies and call each one or go to their websites to learn more about them. You can learn about their policies and what they cover and what they don’t. Afterwards, you can choose the insurer you believe offers the best coverage.
There are comparison sites you can use and these sites are easy to use. You simply use the sites to compare many land insurance companies on a single page, which means comparing them is not a time consuming task. You’ll be able to compare everything from premiums to what is covered and how much they charge for deductibles and things of that nature.
Finally, choose an insurance company that is reliable. Read a few reviews about companies and see what their past customers say. This will give you an idea of whether or not you should choose them to provide you with land insurance.
Land insurance for developers in the United Kingdom is not as expensive as you think. As you can see, it is worth looking into, but make sure you choose a good insurer. This is the key to getting a good policy at a good rate, but compare as many insurers as you can. The last thing you want is to get mediocre coverage at an expensive price.